UK Gov't 'Stands Ready' To Regulate Cryptocurrencies

Law360, London (December 20, 2018, 1:42 PM GMT) -- The U.K. government said Thursday it “stands ready” to give the Financial Conduct Authority more powers to oversee cryptocurrencies after a parliamentary committee warned that the rapidly growing market was the “wild west.”

City Minister John Glen said that government was prepared to give the City watchdog more powers to oversee parts of the cryptocurrency industry that pose risks to consumers. Lawmakers also fear its anonymity is attractive to money launderers.

“The government stands ready to legislate to expand the regulatory perimeter to ensure that FCA regulation can be applied to all cryptoassets that have comparable features to security tokens, regardless...

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